Today Commodity Market Technical Report : 09/01/2019

Today Commodity Market Technical Report : 09/01/2019

GOLD Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions ended up bullish in trend along with some corrections inside the channel, where the market is expected to continue on bullish momentum. The continuation of the trend will be confirmed once the prices breaks above a key resistance zone holding at 31800. The positive rally could be extending all the way up to 31900-32000 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 31600-31450 levels. Key support holds at 31450.

CRUDEOIL Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bullish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 3500. The positive rally could be testing all the way up to 3550-3600 levels in the upcoming sessions.

An alternative scenario indicates that if the key resistance zone holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3400-3300 levels. Key support holds at 3300.

ALUMINIUM Technical outlook

Aluminium daily chart has formed “Megaphone chart” pattern. The last few sessions ended up bullish in trend along with some corrections inside the channel. The market is expected to continue on the bullish trend, once the same breaks above a key resistance holding at 131. The upside rally could be testing all the way through 133-135 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 128-125 levels. Key support holds at 125.

COPPER Technical outlook

Copper daily chart has formed “Megaphone chart” pattern. The last few sessions been in bullish trend along with some corrections inside the channel. The market is expected to continue on bullish momentum, once the same breaks above the key resistance holding at 415. The upside rally could be testing all the way through 420-424 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 410-406 levels. Key support holds at 406.

LEAD Technical outlook

Lead daily chart has formed “Megaphone chart” pattern. The last session ended up bullish in trend after few consolidations inside the channel. The market is expected to continue on bullish momentum based on the current price action, testing all the way up to 139-141 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding near 136 then it might turn bearish once again. The downside rally could test up to 135-134 level. Key resistance holds at 141

NATURAL GAS Technical outlook

Natural gas daily chart has formed “Right angled ascending broadening wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the support’s price action, once the same breaks above a key resistance holding at 215. The upside rally could be testing all the way through 220-225 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 206-200 level. Key support holds at 200.

NICKEL Technical outlook

Nickel daily chart has formed “Ascending broadening wedge” pattern. The last few sessions been in bullish trend along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 792. The upside rally could be testing all the way through 800-810 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 770-750 levels. Key support holds at 750.

ZINC Technical outlook

Zinc daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up bullish in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 177. The upside rally could be testing all the way through 180-182 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 174-170 levels. Key support holds at 170.

SILVER Technical outlook

MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up bullish in trend along with some corrections inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above the key resistance holding at 39450. The positive rally could be extending all the way up to 39650-39800 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish. The downside rally could test up to 39200-38900 levels. Key support holds at 38900.

Here Trading Tips / Trading Calls are Provided Free by Some of the Unknown Experts. So there is No guarantee of GAIN or LOSS. Traders are advices to Trader own their own risk. You are advised to take your position with your sense and judgment. The views and investment tips expressed by users on Mcx.FreeTips.Tips are their own, and not that of the website or its management. Forex.FreeTips.site advises users to check with certified experts before taking any investment decisions. If any other company also giving same script and recommendation then we are not responsible for that. Click Here For Disclaimer.